Meta Reportedly Wins Against FTC to Acquire VR Startup Within
In Brief
Judge Edward Davila has reportedly given the green light to Meta to finalize its acquisition of Within, a VR fitness startup, despite a pending antitrust case by the FTC.
FTC sued Meta in July 2022, arguing that the company’s purchase would secure its dominance in the VR market.
Judge Edward Davila has submitted a sealed decision denying the FTC’s request to block Meta’s acquisition of virtual reality startup Within, Bloomberg reports. The Federal Trade Commission sued Meta in July, claiming that the acquisition of Within, the creators of the VR fitness app Supernatural, would make Meta the leader in the market. Meta has a track record of acquiring promising VR technology for its multibillion-dollar metaverse plan.
Meta initially challenged the ruling but eventually agreed to postpone its planned acquisition of Within until the end of January. However, Meta’s CTO, Andrew Bosworth, stated during a hearing that the company might abandon the deal if it “doesn’t close in a timely manner.”
Oculus, the company that provides the technology for Meta’s Quest headsets, was acquired for $2 billion in 2014. Meta also bought the VR rhythm game “Beat Saber” creator, Beat Games, in 2019. At the end of 2022, Meta announced its acquisition of Luxexcel, a smart eyewear firm, to expand in the AR market. The details of these transactions were never disclosed.
Judge Davila may allow Meta to proceed, but according to Bloomberg, the FTC’s decision on the next steps could result in a temporary block on Meta completing the deal. The agency may still choose to appeal the ruling.
Currently, Microsoft is also engaged in a legal dispute with the FTC, which is attempting to block the company from acquiring video game developer Activision Blizzard.
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About The Author
Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].
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Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].
